Actuarial services

The implementation of IFRS 17 has been and continues to be a major challenge for the insurance industry, fundamentally changing accounting and reporting practices. According to the IFRS 17 Post-implementation and Finance Transformation survey, some insurers are still facing challenges associated with the (post) implementation of IFRS 17. Our aim is to ensure that key stakeholders in your business have a thorough understanding of IFRS 17 and its impact on the business. We can support you in:

• Defining methodology documents and accounting policies

• Setting up an assumption methodology and governance framework, monitoring the development of assumptions

• Establishing a secure and effective control environment

• Validating actuarial models

• Understanding and preparing new disclosures

• Integrating AI solutions into IFRS 17 procedures, as further outlined in the section on AI strategy, architecture and governance support

We have extensive industry experience, with accredited professional qualifications, in-depth expertise and knowledge of both local and global regulatory requirements, as well as insights into emerging market trends.

To deliver reliable results, actuarial models must be designed appropriately from the outset, and once in place, they require a feedback loop with regular validation. Today’s challenge is to implement well-governed and cost-effective models that enhance the company's competitive position. We develop models tailored to our clients’ priorities and diverse business decisions, understanding the impact these choices have on future financial, transactional, and operational objectives. This typically includes:

• Analysis and interpretation of company data 

• Guidance and advice on best practices for model development

• Life actuarial cash flow modelling using all major software solutions

• General Insurance actuarial reserve modelling

• Development of custom software solutions to automate complex actuarial processes

• Validation and governance of models

We help our clients by developing models that accurately reflect their business needs.

To optimise its sales volume and market share, a company needs competitive products and an effective pricing strategy. We support product development, ensuring that a company’s products and services are well-suited to the market. This typically involves:

• Market analysis

• Product pricing, customer stratification, and customer behaviour analysis by using statistical models

• Establishment of potential target for channels and marketing, underwriting, and claims department through forecasting models

• Ongoing monitoring to assist with designing and adjusting business strategies to increase market competitiveness 

We provide end-to-end solutions to our clients, covering the entire process from budgeting to business planning.

International Accounting Standard IAS 19 outlines the accounting and disclosure requirements for employee benefits. Among other things, this requires actuarial calculations of provisions for long-term employee benefits. We assist companies in calculating IAS 19 provisions by performing actuarial valuations, collecting data and applying actuarial techniques. This process typically includes the following steps:

• Collecting and analysing employee data 

• Determining key assumptions (economic and demographic) to be used in the actuarial valuation

• Using actuarial techniques to calculate IAS 19 provisions, including jubilee awards and retirement benefits, while considering key assumptions

• Preparing a report summarising the actuarial valuation results, methodology and assumptions used

By providing these services, we help companies comply with IAS 19 requirements and ensure that their financial statements accurately reflect the cost of employee benefits. 

• Defining and implementing new actuarial models, including systems, data management and processes

Different businesses need to thrive in an environment driven by customers, competitors, disruptors and regulators. It is time to act,  not just react. We help companies define their own digital strategy and roadmap – covering everything from AI automation and strategy to a robust data architecture embedded within governance functions that meet all regulatory requirements. We support all four pillars of an AI-inspired strategy reboot:

• Knowledge: bringing senior executives up to date on AI’s advancements, identifying pain points that AI can solve, understanding what the competition’s activities, and exploring what is on the horizon

• Priorities: identifying AI options that support a company's most critical objectives

• Technology and talent: helping develop the right technology by - enhancing model accuracy and efficiency, transforming the data and automating the tasks 

• Governance: embedding transparency and security into AI from the outset to reduce errors and mitigate risk

AI is an embarrassment of riches: it can do so much, across the entire value chain. With our team’s help, companies can identify the strategic insights, focus areas, tools, and talent needed to harness its power.